Kenneth Rijock

Tuesday, September 13, 2016

H.R. 4450, The Incorporation Transparency and Law Enforcement Assistance Act of 2016, was introduced on February 3, 2106. It has languished in committee since that date, and one Congressional observer has given it a very slim (2%) chance of passage this term. It provides for a mandatory means of identifying the beneficial owners of corporations, at the point of corporate formation, and it will probably expire when the current term of Congress ends, as did three prior versions of this bill, in this decade.

This bill, if it ever becomes law, would close one of the major loopholes that money launderers employ, in the United States, to move, launder, and invest, dirty money in America, if the special interests can ever be sufficiently elbowed aside, to allow it to pass. No wonder the rest of the developed world considers the United States one of the best places to launder criminal proceeds, and to place the clean results into real estate investments.